Thank you, operator. Hello, everyone, and welcome to Sangoma's investor call. We are recording the call and we'll make it available on our website for anybody who's unable to join us live this morning. I'm here today together with Bill Wignall, Sangoma's President and Chief Executive Officer; and John Tobia, EVP Corporate Development, to take you through an update of how COVID has affected Sangoma. We will discuss the press release that was distributed yesterday and which is available both on our website and at -- and on SEDAR.

Before we start, I'd like to remind you that the statements made during the course of this call that are not purely historical, are forward-looking statements regarding the company or management's intentions, hopes, beliefs, expectations and strategies for the future. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results may differ materially from those projected in those forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in the accompanying MD&A, our annual information form and in the company's annual audited financial statements, all of which are posted on SEDAR.

With that, thanks again for joining us this morning, and I'll hand the call over to Bill.

Thank you, David. Good morning, everyone, and thank you for joining us today. I have structured my comments into 4 sections. First, I will start by going through a detailed description of the impact from COVID on our business and how we've responded. Second, I will discuss why we feel Sangoma is unusually well positioned to withstand the storm from COVID. Third, I will cover very briefly the preliminary Q3 financial information we disclosed in our press release yesterday. And fourth, I will conclude by touching on forward guidance for this fiscal year. Following my prepared remarks, I will hand the call back over to David for our typical Q&A session.

With that, let's turn to section one, how COVID has affected Sangoma and how we've responded. Given the truly unprecedented global crisis resulting from COVID-19, and the fact that many of our shareholders have been asking for information soon after Q3 has ended, we felt it was important to continue providing updates about the impact on our business. In this section, I'll describe the way COVID has affected us and how we've responded. Over the past several weeks, we've listened to many companies describe the impact of COVID on them. It's admittedly a very challenging thing to explain and can come across as a bit muddled in some cases. I think Sangoma has been able to capture this quite clearly by covering it in 3 distinct stages. The impact on our supply chain, followed by the impact on business continuity; and finally, the impact on demand. Sangoma has acted quickly and preemptively in those 3 stages, focusing on facts, not emotion, nor panic. And by focusing on the things we can control and not being distracted by the things we can't.

I will now go through each of the 3 stages in quite some detail. Stage 1, the supply chain crisis. As you may recall, coronavirus first started to get attention in early January as it emerges in the city of Wuhan, China, part of Hubei province. The impact on the West and on the global economy is arguably little understood at this early stage, and initial fears are all about China as a world's factory. Sangoma has a fairly sophisticated supply chain for a company of our size, something that I've covered in detail in earlier calls like these with shareholders. And although our services business now represents about half of our revenue, the other part, involving the sale of products, does indeed involve suppliers in China. And thus, Sangoma's focus during stage 1 of the COVID crisis was to ensure we were able to get our products from our suppliers in a timely manner and sufficient quantities in a way that did not negatively impact our customers. During this period, our operations team was working very diligently with all links in the supply chain to make sure that raw materials were available at factories when needed, that our contract manufacturers could build, especially given this was happening during Chinese New Year, and that our suppliers could deliver to us across international borders, and we could subsequently ship to all of our customers around the world. This is perhaps not very glamorous work and not the type of in-the-trenches effort that we stand up and tell investors about while we're handling it. We know for well that you just expect us to deal with that kind of stuff, and that's what we did. Our teams worked around the clock, adjusting manufacturing schedules, moving raw materials around, negotiating with contract manufacturers, procuring fewer or more raw materials as needed, getting those raw materials not only to CMs in China, but also to our CMs in other parts of the world, including right here in Canada, dealing with congestion in shipping ports as they reopened, it goes on and on. This was a lot of work by many talented folks at Sangoma working very long hours. In the end, this first stage of dealing with COVID lasted about 4 to 6 weeks for us. And most importantly, we were able to successfully navigate the substantial impact from coronavirus on global supply chains during January and February. Significant work by our teams ensured that virtually all customers were able to get their orders filled on time. And thus, our revenue was not impacted in a material way as we wrestled the supply chain challenges during stage 1. I'm pleased to share with you that Sangoma is now through that phase, and it's now behind us. Again, no significant customer was impacted in any significant way. And I see this as a testament to our customer focus at Sangoma, and I'm proud of our team for this accomplishment.

Stage 2, business continuity, it -- if the health crisis spreads. As concerns about the underlying health crisis begin to spread globally and what we now know has become a very serious worldwide pandemic, stage 2 begins in or around late January or early February. At this point, it had become clear that coronavirus and the resulting COVID-19 illness is no longer a China program and is turning into the global pandemic, we know it to be today. Sangoma's top priority during this stage had to be the safety and well-being of our employees, while ensuring business continuity for partners and clients, much like many of your organizations, I suspect. The key question faced early in this stage was what will Sangoma need to do to continue on in this new world. Like many companies, we gradually began to reduce business travel ahead of public policy eliminating travel to large gatherings, such as conference or trade shows, then cutting out nonessential travel and finally, all business travel. We instituted new policies, such as no visitors to Sangoma offices, social distancing, hand sanitizer and stay at home if you're feeling ill. And by early March, we had required all of our staff who could work from home to do so. We have now seamlessly migrated to this model with no material impact on operations. This was specialty complex for a highly globalized company with staff in over 20 countries and about 25 states across the U.S. all needing access to the right systems, all at about the same time in March. Stage 2 lasted through February and March, and Sangoma has now fully adapted to this way of working with 90 or 95% of our staff working from home and only those who need to be in an office coming to work. As complex as that was, we benefited from the fact that we make many of the products or services that work from home staff need, so we know those tools very well. We are able to continue serving our customers who count upon us every day, perhaps now more than ever for mission critical communications. And this continuity of business operations in stage 2 includes maintaining innovation, of course, as demonstrated by the recent release of Sangoma's new line of headsets or cloud-based video meeting service, called Sangoma-Meet. Both of these are essential parts of a remote worker's toolkit, and many of you will have seen that we are offering this new cloud-based service free of charge during this pandemic. Stage 2 continues to this day, of course, but is also now fully under control just as stage 1 was by the end of February. Any concern about the impact on our business from stage 2 is now also behind us.

So let's talk a little bit about stage 3. Sangoma described stage 3 of the COVID crisis for us as the financial impact on the demand side of our business due to government-mandated shutdown of businesses and the economy. We see this third phase starting to surface in March as the shutdowns began and lasting into our fourth quarter. Our management team and Board have many, many years of experience managing through disruptive change. As a result, Sangoma has proactively taken action during this third phase to mitigate any such possible impacts. Those decisive actions include: first, we have already taken prompt prudent expense mitigation steps to appropriately control discretionary spending, such as implementing a temporary hiring freeze in a company which is almost always hiring to keep up with growth, reduced and then eliminated business travel, scaled back on nonessential marketing program investments, eliminated Investor Relations spending, et cetera. We have adjusted our product road map in a very nimble way to reprioritize the launch of planned products earlier than scheduled, where they fit with the increased needs of employees working remotely. You may have seen the launch of the new line of headsets or Sangoma-Meet, as I just talked about. We have launched numerous customer-focused initiatives to win new clients in need of improved communications during the crisis and to secure our existing customer base. Just a few examples, might include special education initiatives to the technical and IT managers and existing customers to explain how they can turn on or get working certain functionality they already had access to in their Sangoma systems but may not have been using, things like soft phones or conference bridges that became so important during work from home mode. Or customer marketing -- custom marketing to prospects who had older PDM based on-premise PBXs that don't easily support work from home because such systems do not generally work if staff take their phones out of the office. Our campaigns to existing customers to explain capabilities they could add to their systems, such as headset or video meetings to enable better remote worker efficacy.

In Q4, we were enhancing our monitoring of incoming order flow to track this on a more granular basis. We do this by day now, enabling us to get better visibility faster than we had in the past, to any revenue impact from COVID as early as possible. We are examining the various government assistance programs that may be available to us, and we'll pursue those that are appropriate. And we are ready to step on the accelerator immediately as soon as the crisis begins to subside and, in fact, have already begun planning for back to work and any changes that may be necessary at our worldwide offices around the globe. This planning accommodates for enhanced social distancing, frequent cleaning, hand sanitizer, rules regarding employees with any symptoms remaining at home and regular enforcement of such guidelines.

The net result of all these actions is that we feel well prepared for Phase III and have controlled the things that are within our control. Of course, as long as significant sectors of the economy are forced to remain closed, and as long as work from home measures persist in others, it is possible that any impact on demand for our products or services could linger. Having said that, you have likely seen in yesterday's press release that Q3 revenue for the period ended March 31 was solid and on track, and that's encouraging. So if there is a financial impact on Sangoma from COVID during this third phase, just what might that impact be? Sangoma expects the primary economic impacts on us could include some postponing of new purchases in the product half of our business and minor slowing of some customer payments. The reason we'd expect that any impact would be more likely to affect the product half of the business, more so than the services side, is because services are significantly more insulated given the vast majority of revenue generated there comes from existing customers rather than new order inflow.

Given that momentum towards reopening of the economy is clearly growing, we anticipate any impact that could occur to be shorter-term and temporary, but you'll hear more about that in my upcoming comments on guidance. At the beginning of this long first section of remarks, I said I'd describe first the way in which COVID has affected us and how we've responded by walking you through the 3 phases. I've now done that.

I'd like now to turn to my second section of prepared remarks covering why we feel Sangoma is uniquely well positioned to successfully weather this COVID storm. Despite the uncertainties regarding the COVID-19 pandemic as well as the resulted global economic crisis and based on our current understanding of the pandemic as well as the advice from health experts and governments, Sangoma believes we are unusually well positioned to weather the storm for the following 7 reasons. First, Sangoma continues to operate and as close to a business as normal manner, as is possible under these conditions because we are deemed an essential service under most all government rulings. We are thus exempt from the forced closures that so many businesses are subject to. Communications is always critical to business and even more so with so many companies working remotely. We are proud to continue providing our products and services to so many customers who count upon them during these challenging times. Second, Sangoma has repeatedly demonstrated an ability to adapt as part of our team's core competency. Whether it was turning ourselves into a software company from a hardware business, or building out an entire portfolio from just a single product or creating a fast-growing services business in just a few years based upon recurring revenue. This track record makes me confident that Sangoma will emerge from the COVID crisis ready to step on the accelerator. Next, we have a very large customer base that is heavily diversified on multiple dimensions, such as there's no customer concentration, and the largest customer represents less than 10% of sales, a geographically distributed customer base in over 125 countries around the globe. Many customer segments, including SMB, enterprise, service provider and contact centers. Services revenue now accounts for almost half of sales and is more insulated, and we have customers across many verticals, including manufacturing, military, aerospace, government, retail, education, transportation, technology, et cetera. Fourth, our broad portfolio of products that appeal to many different users and needs from connectivity to premise-based UC to cloud services, such as UCaaS or trunking as a service. In demand products that are critical in today's work from home world, including soft phones, headsets, audio conferencing and the ability to take an employee's best phone home and access UC services there in a way that matches exactly the way it does on their desk at the office. And now the recent launch of Sangoma-Meet, our newest cloud service for video meetings, collaboration and screen sharing.

Next, an ever-present focus on the customer enabling Sangoma to respond quickly and with empathy towards our clients. Our staff have been asked to be especially patient and supportive towards our customers and each other during these times of high stress. We will be flexible with customers helping them beyond strict contract entitlements because we have the financial resources to do so, and we believe that how we handle them during these difficult times will be remembered in the good times.

Sixth, an investment in innovation continues unabated by the crisis, resulting in our ability to reprioritize road maps and quickly launch new products, like you've heard about the new video meeting service, Sangoma-Meet. And last but certainly not least, our now well-proven financial strength, which can be seen in a number of ways, such as consistently growing our top line over 20 straight quarters, generating about half of our sales in services revenue, which is more insulated, producing very healthy EBITDA, over $6 million this past quarter. We are cash flow positive. Sangoma has a strong balance sheet with prudent leverage, having maintained all principal and interest payments on all existing loans and continues to comfortably meet all debt covenants. And we are well capitalized. At the end of April, we have over $20 million in cash reserves to take advantages of opportunities that may arise as well as being fully prepared for any further uncertainties during the pandemic. This includes a proactive draw of $9.2 million on our swingline and revolver facilities during April to further strengthen our cash position. For all these reasons, both financial and strategic, we strongly believe Sangoma is uniquely well positioned to weather the COVID storm.

I will now turn to my brief update on preliminary Q3 results. As most of you already know, the timing of this release of preliminary financial data for Q3 is earlier than normal. We would typically release our third quarter results in late May, so we're about a month ahead of that now. This early release of expected revenue and EBITDA is an attempt to accelerate disclosure and provide investors with reassurance given the highly unusual global situation these days, resulting from the coronavirus. Sangoma will announce our full financial results later in May, as usual, and this onetime preliminary update will not set a precedent for other quarters in the future when we expect to return to normal reporting cadence. Further, these are preliminary results for Q3 and in much less detail than a more typical or a more typical quarterly call, all of which will still be covered in our regular conference call with you in later May.

Sales for the third quarter of fiscal '20 are expected to exceed $36 million, more than 24% above the same quarter last year and an all-time record for quarterly revenue. That will place us at over $96 million year-to-date after 9 months. The company expects gross margin percentage to be about similar to that in the immediately preceding second quarter. And finally, third quarter EBITDA is expected to exceed $6 million, which would be an increase of greater than 80% from the same quarter last year. On a year-to-date basis, we are now over $15 million of EBITDA after 9 months. I'm very proud of these results this past quarter, especially given the unpredictable times we're living in these days. That brings my brief comment on our financial results to the close, and I'll now move on to our short guidance section.

As you may have heard in our press release, third quarter results are anticipated to be in line with our previously announced guidance from February 27. Given our preliminary Q3 results have held up well compared to our expectations, our order backlog going into our fiscal fourth quarter was also fairly typical. And given our operations to date, we are cautiously optimistic that we are on track to meet our previously announced guidance for fiscal 2020. To remind you, that was revenue of $128 million to $132 million and EBITDA of $19 million to $21 million. Nevertheless, like so many companies these days, Sangoma realizes that business results during the April through June quarter are inherently difficult to forecast given the uncertainties introduced by the COVID-19 pandemic. Accordingly, we cannot confirm our full fiscal year '20 guidance at this time. And instead, we commit to providing a formal update to guidance in late May when we release full third quarter results. At that time, we expect to have better visibility regarding the reopening of the economy and the financial recovery in the various countries around the world in which we operate. I hope you found that rather long update on the impact of COVID-19 on Sangoma to be useful and with that, I'll bring my prepared remarks to a close with a quick summary.

At the beginning of my comments today, I mentioned I'd cover the impact of Sangoma from COVID in 3 phases to help structure what is a lot of information. I hope you found that explanation to be reassuring. We also covered the key reasons behind our strong belief that Sangoma is unusually well positioned to weather the COVID storm and come out the other side stepping on the accelerator. We have always sought to be transparent and fairly comprehensive with shareholders. So we hope you found the significant level of detail to be useful. You've now heard that our third quarter financials held up well with record sales expected to exceed $36 million, more than 24% above the same quarter last year, and EBITDA is expected to exceed $6 million, which would be an increase of over 80% from the same quarter last year. Solid results, especially given the unpredictable times we're living in. And we closed off by sharing that we're cautiously optimistic. We're on track to meet our previously announced guidance for fiscal '20 of $128 million to $132 million in sales and $19 million to $21 million in EBITDA and that we'd provide a formal update to guidance in late May when we release full third quarter results. With that, I will turn the call back to David for questions.

So I just wanted to start on the Q3. In the past, you've called out any larger kind of onetime orders, and revenue certainly was very strong in that quarter, given kind of all the stuff going on. So curious if there was any kind of larger orders that hit in the quarter contributed to the results.

Okay. Great. And then maybe shifting gears a little bit to the guidance. You talked about cautious optimism. So wanted to dig in a little bit kind of on your thought process. Obviously, April, would -- I'd imagine would have been a slower month, just given everything kind of going on and the shift to more kind of work from home. So are you kind of -- when you look at that are you thinking about needing to see markets kind of opening up and kind of things starting to return to normal kind of in May and June in order to meet that or just maybe expand on your thought process there if possible?

Yes. I mean, it's hard to be too precise on this, Gavin. To be honest, it's very material right now for sure. As I said, I think we see, like most other people do the tendency towards some reopening starting to grow. 2 or 3 weeks ago, there was very little discussion about this. We've now got countries around the world that are more fully opened or starting to get there. A few states that are already there. So when we made the comment we did about cautious optimism, for sure, factors all of that stuff in. But we're not counting on the world being back to normal by any means, just that it's beginning to reopen to some extent in some places.

Okay. That's helpful. And then you obviously have a very global business. So is there any kind of anecdotes that you can share in terms of in markets where you have started to see a bit of a reopening in terms of demand?

Yes. Nothing that I think is representative enough that I would choose to cite it and then regret it in a month at the end of May. We are seeing some of that. You're quite correct, but it's been too recent or too small yet for us to really use that as a predictor. We've got, as I said, a couple of states that are saying, we're open for business. We've not reopened the offices in those states yet, Gavin. Our staff in those places are still working from home. We've got a couple of countries in Europe. They are a bit more open, and the staff in those countries are beginning to reengage with customers a bit more. But I don't think I should cite any 1 or 2 specific examples because I'm just not sure that they're able to be used in a predictive way yet.

Yes, that's fair. And then just lastly before I pass the line. You talked about being flexible with clients. So are you seeing, we've heard about this from other companies, clients requesting longer payment cycles or discounts and deferrals, if you've seen that among your client base? And maybe just talk about that...

Yes, we have. But it's a very little bit to be completely honest, our expectation is there'll be more of that in Q4. We've had some customers ask, but not very many and our position on this has been -- don't put up some fixed locked in policy in a document or a website, use it as an opportunity to engage with the customer, get to know them a bit better, build the relationship by demonstrating flexibility rather than it being a policy decision. So that's the approach right now. That is what I expect to continue happening through Q4. There's no signs of a deluge of many, many, many customers coming in and say, we want a delay payment. It's something we expect to grow somewhat in the quarter, but not to a huge degree.

It seems like you guys did a pretty good job, obviously, in Q3 here so congratulations on that. Just curious as it relates to the mix of the revenue that you saw in Q3. Would it be fair to say that given your comments on gross margins being similar to last quarter that the revenue mix would be similar as well?

I don't think we want to get into that yet. Because it's much earlier than we would normally be having this discussion. I feel a lot better about answering that question at the end of May, David. We're rushing this information out to get you guys early disclosure, but the detailed revenue analysis, which we look at in so many different ways, and you got a picture geographic breakdown in product versus services break down. And by different types of customers and different product lines is just not done yet. So I think we should hold on that one. I'll note it down on my page here and make sure I return to it at the end of May.

Okay. No problem. I guess, you've obviously provided the guidance and we can try to back into it to a certain extent. But I was just curious any color you could provide as to how we should be looking at the operating expenses for Q4, obviously, balancing the cost mitigation related to decreased travel and lower marketing expenses and the like as well as any potential government aid that you might see. How much of an impact could we see, at least, say, on a quarter-over-quarter basis?

I don't know how I would quantify that and be in any way precise with you without tripping on to the -- with giving guidance. I tried really hard with John and David to come up with some words that we thought would give you the color you would find helpful, but stop short of saying here's firm guidance. The world is just so unpredictable right now, and costs are part of that. We can adjust costs based upon what we see happening in the quarter, David, and you've seen some of the changes we've made. But I don't think I should tie ourselves to a specific number of OpEx reduction. Maybe I could help by telling you which of the things you've listed that I talked about are bigger versus smaller, but I don't think I want to get into quantifying that and ending up being a [foul] of what is guidance or isn't. So of the things that we talked about, I think the 2 largest maybe 3 largest would be the hiring increase. As I said, we're almost always hiring, right? So John, you mentioned to me one time, I can't -- was it 15 or 20 open reps that we would have had?

Yes. So you can do some back of the envelope arithmetic on that. Secondly, I would say travel reductions and third in line would be marketing program spend. So I think that's as far as I'd want to go, David, on your question without getting into specific numbers or percentage reductions.

No, that's helpful. And just a few more questions. You talked about approximately drawing down on the revolver and the swing line. I guess, a question more for David. Can you comment, I guess, on the terms of that, in particular, what the rates are on those 2 lines?

So those are in our credit agreement. David, we're looking at this on a short-term basis to make sure we have sufficient capital to take advantage of opportunities that arise as opposed to doing something on a long-term basis. So our rates are in and around the sort of prime plus. It depends whether we take the debt in U.S. We did in this case, let me get back to you on the numbers. But our borrowing has always been in that kind of 4% to 6% range. This will be a little higher than the term loan but not material. And remember, we've taken this for a short-term. Look at how we can maximize opportunities over the next few weeks as things develop. To make sure that we can fulfill our supply chain requirements that we have inventory to take advantage of sort of hotspots that we see in demand. So I think that -- but I'll drop you a note with the exact numbers. But the answer is it's not material to what we're planning going forward. But we want to make sure that we have the cash availability, which is giving us some advantage potentially with competitors that we see out there. So that -- so think of that as a shoring up, David, we'll see how this plays out. We don't know exactly what's going to happen over the next few weeks. It has been -- the world has started to open up. So we didn't know that even when we took the loans relatively recently. So we've shored things up. We've got a very strong position overall. And we're looking to leverage any opportunities that we see in the next few weeks.

Yes, sure. Everything there is progressing kind of as expected. There's no big surprises from the last update we did in late February based upon Q2 results. More and more coordination of some of the functions. So think about, I don't know, joint marketing or joint sales initiatives, opportunities from Sangoma's installed base of premise UC customers, adding in VI trunks, and the people at VI would tell you they've had more leads from that source of opportunities than anything else they've had the past many years. Discussions between the various network operations groups are becoming deeper as we think about how many data centers across the U.S. do we need, consolidating pricing for suppliers into those data centers, what else is getting more integrated over the last 3 months. I think those are the 3 biggest areas. The tech support groups are still quite separate. But marketing is really moved into Sangoma now and fully integrated. Sales is progressing along the path and more so now than it was at the end of February. And the same thing for network operations.

Yes. I think we can talk about that in a very general sense. Maybe 2 or 3 thoughts. One is, we have not stopped anything about the way Sangoma looks at M&A opportunities. So multiple conversations underway at any one time, working on progressing any or all of those in parallel. I don't really think we see the crisis as some amazing opportunity. Owners of quality companies are not going to, all of a sudden say, we think our companies worth 60% less just because the public stock market dropped. But for sure, it can have an effect on valuations to some degree. And then last but not least, I would say, the biggest impediment to doing any of those, if we get to the stage of being ready to pull the trigger, would be what's happening in the equity markets. We're very comfortable with access to debt and have good relationships with supportive lenders. But we'd need to know the equity markets are open. It seems like that's getting a little bit better over the last month, so that's encouraging. And we'd need our share price to continue recovering I don't really want to be raising money yet at $1.60 or $1.70 a share, given we were at $2.40 just a few months back.

Two questions I had. So I think 1 of the main themes that came out of the last set of quarterly results was sort of the placing of greater emphasis on recurring services versus onetime product sales, both from the customer and from Sangoma group's perspective. I'm curious if you've got any updates on that sort of trend and whether the current, say COVID situation has sort of accelerated that trend towards customers placing more -- working with you more on a managed services basis versus purchasing on-premise products?

Yes, I can make a little bit of a comment, but I also see the detailed part of the numerical answer to that falling into the same question as I kind of deferred earlier that we've not done the detailed revenue analysis yet because we are a month ahead of schedule here. But in general, I would say, I don't think we've seen some massive shift Gabe, from product to service in any huge way. What you can see is the point that I touched on during my prepared remarks, but didn't get into it in any great detail, which is an end-user customer who's in the process of making a decision, you can imagine how that gets approved internally to their organization, right? We're typically talking to the more technical portions of that company often the IT department. Someone in the IT organization is often going to someone in finance and saying, okay, we're ready to make a decision. And the bigger trend, I would say to you is not a shift of revenue from one to the other or services delivering some big spike in percentage of revenue. It's more about when that director of IT goes to a CFO and says, here is a purchase order, and we've looked at 2 or 3 different vendors we've chosen Sangoma, we've got a couple or 3 quotes from 2 or 3 partners. Here's the one we're ready to go with. The reason I said that we could imagine the product half of the business being slightly more impacted is it's a onetime CapEx decision, right? And so as you Gabe, have heard me say in the past, now the CFO says, okay, I get it, it looks like you've done all the right work. You picked a quality vendor and a competent partner and normally, I'd just signed on the dotted line for that, whatever, $37,461 PO. But given COVID, let's wait a month. And I think on the services side, that answer is less likely to happen because it's not a $37,000 onetime CapEx decision. It's a $1,000 a month over 3 years decision. And so although we've not seen this massive shift you're asking about, it's a little bit visible in situations where there might be a customer that's deciding, do I buy now or do I buy in a month or 2.

Got you. The last question is really around somewhat about operating costs. So one of the things I've actually heard from a couple of companies that we cover is a lot of employees now working from home, and so there -- some companies have actually decided to consolidate some of their offices and sort of maintain that hybrid model. I'm curious if that's an idea that you guys have thought about, as a way of sort of permanently reducing operating expenses? If there's any thoughts around that on a go-forward basis? That's it for me then.

Yes. That's not our plan right now, Gabe, to be honest. Partly, I guess, because we have so many people in so many different places. And it's not like we have 1 single office that's the big office and all the employees are there. I don't think it makes sense to close down offices to save a few bucks. I'm actually more focused on the opposite trend, to be honest, one of the things that we have talked about internally is how do we make sure that employees who might say, oh, I quite liked working from home, not going to the office. Don't expect that to continue because there's a lot of value in a company for which the primary asset is people, to having those people in one place, walking around and talking to each other, sharing ideas and creativity. It's not always the formal meetings in some conference room. It's, I went to get a tea or a coffee and bumped into person X, and we were talking to each other about what we're working on. And I really don't want to lose that. So I think it's unlikely that we would prioritize saving a few bucks by closing an office above the benefits to the company of enhanced communication at the watercooler, so to speak.

Okay. Firstly, thank you, everybody, for joining us this morning. I hope that it has provided a good sense of where Sangoma is at and our path forward. David Kwan, could I just let you know, it's a U.S. base rate plus 1.25% is the answer to your information about interest rate. For everybody else, thank you very much for joining us. We will be recording this and putting it up on our website for anybody, any of your colleagues that weren't able to get the call live. And with that, I'll turn it over to Bill to say goodbye.